1. Perfect competition on the one hand and monopoly on the other hand.

2. Competition is considered to be more about developing and improving our own work than it is putting down others.

3. Large number of sellers and buyers, free entry and exit of firms and, of course, no government regulation.

4. Perfect mobility of factors or production and perfect knowledge.

5. A price taker is a person or company that has no control to dictate prices for a good or service.

6. Imperfect competition - a competitive market situation where there are a lot of sellers, but they are selling dissimilar goods as opposed to the perfect competitive market scenario.

7. Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence.

8. The main reason is while governments usually try to prevent monopolies, in certain situations, they encourage or even create monopolies themselves.

9. An example of a natural monopoly is the company that provides the water we drink out of the kitchen faucet (кран).

10. Takeover - an act of assuming control of something, especially the buying out of one company by another one.

11. When a company wishes to grow through horizontal integration, its aim is to acquire a similar company in the same industry. A company that undergoes vertical integration acquires a company that operates in the production process of the same industry.

12. A legal monopoly is a company that is operating as a monopoly under a government mandate.